Aben Commences Drill Program at the Chico Gold Project in Saskatchewan
01 Março 2018 - 9:00AM
VANCOUVER, British Columbia, March 01, 2018 (GLOBE
NEWSWIRE) -- Aben Resources
Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) (the
"Company") is pleased to announce that they have received the 2018
exploration permit from the Government of Saskatchewan and has
commenced mobilization for camp construction at their 4,656 hectare
Chico Gold Project. The drill program, expected to begin on March
9th, will
initially comprise 1200 metres in 4-5 drill holes with a provision
to increase to 2000 metres should the proposed holes encounter
significant mineralization as anticipated. The drill locations have
been chosen based on strong coincident geophysical and geochemical
anomalies within geologic units that are highly prospective for
precious metal mineralization. A recently completed Induced
Polarization ("I.P") Geophysical Survey has revealed numerous
high-priority drill targets including a strong and relatively
shallow chargeability anomaly that has never been drill tested.
Chico drilling activity is expected to be conducted concurrently
with a 10,000m winter drill program to be carried out by SSR Mining
Inc. on the Fisher Property, located 6km north of Chico.
Video
representations of the 2017 Geophysical IP survey:
https://www.youtube.com/watch?v=vQPSgr-g0Vg
and https://www.youtube.com/watch?v=zBen-X8HFzI
The Chico Property is host to three distinct and
parallel structural zones that host high grade gold mineralization
in both surface samples and historic drill intercepts. All three
gold-bearing zones will be tested during the upcoming drill
program. The Chico mineralized structural corridor extends in
excess of 1400 metres along strike and spans up to 150 metres in
width with several mineral occurrences contained within. Highlights
include:
- High grade intercepts from historic drilling
include 14.5 grams/tonne
(g/T) (0.424 oz/ton) gold over 0.4m at Chico showing
and 9.6 g/T (0.281 oz/ton) gold over
2.0m at Royex showing
- Hole MW93-20 returned five significant intercepts
ranging from 0.51 g/T gold over 1.5
metres, to 9.6 g/T gold over 2 metres,
including 36.3 g/T gold over 0.5
metres (AR 63M06-0041)
- Surface sampling on the project has produced hand
samples that contained 113.5 g/T gold (3.31
oz/ton) and 76.5 g/T gold (2.23 oz/ton)
Mineralized shear zones with quartz veining that
define the Chico Zone are hosted in diorite and granite rocks,
especially along the sheared contact between these two units. The
Chico and adjacent parallel Ed and Western structural zones are
splay structures related to the larger Tabbernor fault system.
Despite the significant surface discoveries of gold along these
structural trends, mineralization remains largely untested at depth
and along strike extensions. The Tabbernor fault is a 1,500
kilometre-long regional structure which has been traced from as far
north as the Rabbit Lake uranium mine in northern Saskatchewan to
as far south as the 40-million-ounce Homestake gold deposit in
South Dakota. The shared proximity to the Tabbernor structure and
similarities in terms of age and tectonic history to the Homestake
and Seabee/Santoy deposits was the main driving force behind Aben's
interest in the Chico property. The SSR Mining Inc. (formerly
Silver Standard Resources) nearby Seabee and Santoy deposits,
located 40 kilometres to the north of Chico, have been in
continuous production since 1991, producing 1.2 million ounces of
gold from the two deposits.
Chico Gold
Project, Saskatchewan location map:
http://www.abenresources.com/i/maps/ABN_Chico_Location_and_Highlights.jpg
Aben Resources holds the exclusive right to earn
an undivided 80-per-cent interest in the property by completing
$3.5-million in exploration expenditures, issuing 2.5 million
shares and making $150,000 in cash payments to Eagle Plains
Resources (TSX-V: EPL) by 2020. Aben recently made a cash payment
of $25,000 and issued 250,000 common shares to Eagle Plains,
pursuant to the terms of the current option agreement.
Chico Property - Recent and
Historic Exploration Activity:
The 2017 geophysical survey has discovered a large
high-chargeability zone centered below the middle portion of the
Chico shear zone with some vertical chargeability structures
extending upward from the root zone. The high-chargeability
response may result from the presence of abundant sulfide minerals
such as pyrite, pyrrhotite and chalcopyrite, which are closely
associated with gold mineralization on the Property. The top of the
root zone appears to extend to within 150 metres of the surface and
represents an attractive and high-priority drill target given that
multi-gram gold intercepts have been historically reported above
and adjacent to it. Of the 22 historic drill holes located on the
Property, the deepest has reached 110 metres vertical depth (157
metres down hole) and was not collared in this zone of high
chargeability.
Exploration programs in 2016 and 2017 involved
systematic fieldwork including a 661 line-kilometre airborne
magnetometer geophysical survey, mapping, trenching, soil
geochemical analysis and the aforementioned ground-based
IP-Resistivity-Magnetic survey. The systematic exploration has
enabled field crews to identify mineralization, alteration and
structural features similar to those at Seabee. High-grade gold
mineralization at both Seabee and Santoy extends well below the
shallow depths to which the Chico Project has thus far been
explored.
Trenching and drilling activities carried out by
Corona Corporation and Cameco from 1988 to 1993 defined a
mineralized strike length of over 1400 metres. Trenching by Corona
at the Royex showing returned five chip samples greater than 1000
ppb gold with a best (chip) sample of 14.3 g/T gold over 1 metre
(AR 63M06-0034). Follow-up diamond drilling by Cameco near the
Royex trench returned five significant intercepts ranging from 0.51
g/T gold over 1.5 metres, to 36.3 g/T gold over 0.5 metres (AR
63M06-0041).
Management cautions that past
results or discoveries on proximate land are not necessarily
indicative of the results that may be achieved on the subject
properties. Aben has not been able to independently verify the
methodology and results from historical work programs within the
property boundaries. However, management believes that the
historical work programs have been conducted in a professional
manner and the quality of data and information produced from them
are relevant.
Cornell McDowell, P.Geo., V.P. of Exploration of
Aben Resources, has reviewed and approved the technical aspects of
this news release and is the Qualified Person as defined by
National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration
company developing gold-focused projects in British Columbia,
Saskatchewan and the Yukon Territory. Aben is a well-funded junior
exploration company with approximately 62.7 million shares issued
and outstanding. For further information on Aben Resources Ltd.
(TSX-V:ABN), visit our Company's web site
at: www.abenresources.com.
ABEN RESOURCES LTD.
"Jim Pettit"
______________________
JAMES G. PETTIT
President & CEO
For further information contact myself
or:
Don Myers
Aben Resources Ltd.
Director, Investor Relations
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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Source: Aben Resources Ltd via Globenewswire
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